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"We are moving forward with specific projects which will substantially change how people and cars move in this neighborhood," said Barrett.

Revamping the flow of pedestrian and vehicular traffic are a large component of the plan. Plans call for an extension of Clybourn Street to the lake, restructuring the on and offramps from Interstate 794 from the lakefront, and connecting Lincoln Memorial Drive to the Historic Third Ward.

"One of the first elements we're going to see is the transit center gone," Barrett said. "In its place, a 44-story high-rise building -- the Coture."

A pedestrian walkway on the west side of Lincoln Memorial Drive will cross over the roadway and feature a ramp that will bring pedestrians down to Discovery World and the Milwaukee Art Museum.

The developer of a high-rise structure on the site of the current transit center contributed to the idea of the accessible pedestrian bridges and ramp.

"We designed these new pedestrian bridges to come right through the heart of the Coture site and will carry millions of people through that site," said developer Rick Barrett.

The creation of a lakefront boulevard at the end of Clybourn Street will be made possible by the demolition of the current I-794 ramps.

Barrett said the city will pay $18 million toward the project. Walker said the state will pay $16 million for the new interstate ramps. All of the work will coincide with work being done to the Hoan bridge in 2014.

Northwestern Mutual Insurance also announced that the company will build a new 30-story, $300 million office tower to replace their current 16-story building on the corner of Mason and Cass streets. Demolition of Northwestern's current "brown building" is expected in late 2013, with construction of the new tower set to begin in 2014.